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Financial Freedom Act of 2022

3/13/2024, 1:56 AM

Congressional Summary of S 4147

Financial Freedom Act of 2022

This bill prohibits the Department of Labor from limiting the type or range of investments that fiduciaries may offer participants and beneficiaries in certain employer-sponsored retirement plans. The bill applies to certain defined contribution plans that permit participants or beneficiaries to exercise control over the assets in the account, such as a 401(k) plan that allows participants or beneficiaries to select additional investment options through a self-directed brokerage window.

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Current Status of Bill S 4147

Bill S 4147 is currently in the status of Bill Introduced since May 5, 2022. Bill S 4147 was introduced during Congress 117 and was introduced to the Senate on May 5, 2022.  Bill S 4147's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of May 5, 2022

Bipartisan Support of Bill S 4147

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
0
Republican Cosponsors
1
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 4147

Primary Policy Focus

Labor and Employment

Alternate Title(s) of Bill S 4147

Financial Freedom Act of 2022
Financial Freedom Act of 2022
A bill to prohibit the Secretary of Labor from constraining the range or type of investments that may be offered to participants and beneficiaries of individual retirement accounts who exercise control over the assets in such accounts.

Comments

Sponsors and Cosponsors of S 4147

Tommy Tuberville
Tommy Tuberville
AlabamaRepublican
Cynthia M. Lummis
Cynthia M. Lummis
WyomingRepublican

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